News

Nigeria Set To Receive 42.3 Million Litres Of Imported Petrol

Published

4 weeks ago

Oct 26, 2024.

Approximately 42.3 million litres of imported Premium Motor Spirit (PMS), or petrol, are expected to arrive in Nigeria next week, oil marketers announced on Friday, emphasizing the ongoing need for imports due to insufficient domestic production.

Industry dealers noted that while local refining efforts from modular refineries and the Dangote Petroleum Refinery are underway, they have yet to meet national demand, necessitating continued imports.

EDITOR’S PICKS

EKO HOT BLOG reports that earlier, on September 3, 2024, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that the Dangote refinery would begin supplying the Nigerian market with an initial 25 million litres of petrol per day, with plans to increase this output to 30 million litres by October.

According to the NMDPRA’s statement on its official X account, this agreement, made with the Nigerian National Petroleum Company (NNPC), allows the refinery to source local crude oil supplies for the production of PMS in domestic currency.

However, oil marketers clarified on Friday that the Dangote refinery is not currently producing up to the promised volume, leading to ongoing imports to bridge the gap.

One major dealer, speaking anonymously, confirmed, “We received some of our petrol consignments last week, and an additional 32,000 metric tonnes (approximately 42.3 million litres) is expected to arrive next week.” This volume is being imported jointly by two major marketers to help stabilize supply.

Recent reports indicate that no fewer than four vessels loaded with petrol docked at Nigerian seaports from October 18 to 20, delivering about 123.4 million litres of PMS to boost the nation’s supply.

The influx of these shipments aligns with oil dealers’ earlier statements, reported by Punch, confirming that imports are still required to meet the national demand alongside the Dangote refinery’s output.

42.3 Million Litres Imported Petrol

Commenting on the competitive landscape, another marketer stated, “This is a deregulated market now, so every player sources products from where they find it most viable.

Many are importing independently, while some purchase from Dangote’s refinery. Importation is necessary to maintain fair competition and ensure supply stability.”

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Ukadike Chinedu, also confirmed that IPMAN members have not yet commenced PMS imports but affirmed that the liberalized market permits any qualified operator to import. This open market approach, he added, supports competition and ensures continued fuel availability across Nigeria.